Canada Imposes Retaliatory Tariffs On US Imports

Donald Trump USA EU trade war European Union Theresa May Emmanuel Macron

GETTYWilbur Ross attacked the EU countries for not coming to the table while the tariffs were in effect

"The ties of commerce, friendship, and in many cases, family, between Americans and Canadians are undiminished", he said, in announcing that Canada is slapping counter-tariffs on the United States.

Canada's new tariffs on American goods will go into effect as of July 1.

Asked whether the company could cut its costs by 20% to maintain its competitiveness, Mr Ellis said: "We can't do that". The two countries are partners in North Atlantic Treaty Organisation and NORAD.

It's the same approach the Trump administration used before it slapped tariffs on steel and aluminum imports.

Germany's Economy Minister said early this morning that the European Union might look to coordinate its response with Canada and Mexico.

Macron's office said in a statement Friday that the two presidents spoke by phone after Trump's administration announced the decision Thursday to impose 25 percent tariffs on steel and 10 percent tariffs on aluminum. European Union officials have already floated the idea of 25-percent import tariffs on USA -built products such as denim clothing, cigarettes, motorcycles, and consumables such as bourbon and peanut butter.

Trump has threatened to take steps to withdraw from NAFTA for more than a year, but during his first year in office he was coaxed out of taking dramatic steps by advisers like National Economic Council President Gary Cohn and Secretary of State Rex Tillerson.

Former British trade minister Francis Maude called Trump's decision "stupid", "counterproductive" and that "any government that embarks on a protectionist path inflicts the most damage on itself".

Canadian Prime Minister Justin Trudeau said: "These tariffs are totally unacceptable".

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Some countries - including Argentina, Australia, Brazil and South Korea - agreed to restrict exports of metals and were exempted, but Ross said the EU, Canada and Mexico were not there yet.

The European Union says it plans to bring its case against new USA tariffs on steel and aluminium to the World Trade Organization on Friday. The list of USA exports that European Union would impose additional tax on has already been decided, and notified to WTO.

According to Navarro, the president's decision to end the exemptions is not about China or unfair trade but more about defending the US against countries who are running a large trade surplus at the expense of American jobs.

"We regret that. We would much rather move together in partnership", he said.

"The Trump administration seems to regard overt threats, including tariffs and repudiation of previous agreements, as a key element for gaining leverage in trade negotiations", said Eswar Prasad, a former head of the International Monetary Fund's China division and now a professor at Cornell University.

Cecilia Malmstrom, the E.U.'s trade chief, lamented the failure of last-minute negotiations with her American counterparts but insisted that Europe's response would be firm.

"President Trump is mainly hurting the American steel industry and consumers by driving up prices".

The Mexican government, already at loggerheads with Trump over immigration and the border wall, said it would levy import taxes on USA exports of pork bellies, blueberries, apples, grapes, certain cheeses, and various types of steel.

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